Core Insights - Institutional investors are increasingly concerned about the current AI investment boom, with 20% of respondents believing that companies are overspending on investments, marking the highest level since data collection began in 2005 [1][4] - Over 50% of respondents view AI stocks as being in a bubble, and approximately 45% consider the AI bubble to be the largest tail risk to the market and global economy, surpassing concerns over inflation and consumer crises [4] - 54% of fund managers identify going long on the "Magnificent Seven" U.S. stocks as the most crowded trade, an increase from less than 40% in October, when going long on gold was considered the most crowded [4] - Despite concerns, the productivity boost from AI is still seen as the most bullish development for 2026, with 43% of respondents ranking it as the top opportunity [4]